Innovation or imitation?: The role of intellectual property rights protections |
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| Authors: | Joseph PH Fan Stuart L Gillan Xin Yu |
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| Institution: | 1. Faculty of Business Administration, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong;2. Terry College of Business, University of Georgia, Athens, GA 30602-6254, United States;3. Business School, The University of Queensland, St Lucia, Queensland 4072, Australia;4. School of Business, Nanjing University, China |
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| Abstract: | We study how uncompensated research and development (R&D) spillovers – the leakage of proprietary information through imitation or theft – affect firms’ investment decisions. Using variation in property rights protections across different regions within China we find that (1) uncompensated spillovers are greater in regions with weaker property rights, (2) such spillovers are associated with lower R&D expenditures, and (3) the latter is exacerbated in low property rights regimes. In addition to identifying a specific channel through which legal protections affect incentives for innovation and R&D, our results support arguments in the literature that the enforcement of property rights affects firm investment and growth. |
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| Keywords: | Innovation Imitation Intellectual property rights |
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